US MIDDAY: grains tumble

US grain markets fell on Thursday, with wheat tumbling to a two-week low as investors banked profits and forecasts for rain in drought-hit areas of the US Plains rattled the wheat market. In contrast, rains in the US Corn Belt posed a threat to spring corn seedings, lifting new-crop December corn futures.
At 12:00 pm CDT (1700 GMT), CBOT wheat for May delivery was down 11-1/4 cents per bushel at $7.41-1/2, May soybeans down 7 at $13.26-1/2. Old-crop May corn was down 5-1/2 cents at $7.50 while new-crop December was up 3-3/4 at $6.48-3/4.